There is a huge frontal system slowly grinding to a halt across the US, with a low pressure system forming at the tail end over Texas. Here is the current synoptic weather map …
… and MRMS radar composite as of around 9:30am Thursday.
The low is expected to scoot up along the front, and over the next two days there is an increasing chance of a major ice storm event in an arc from Texas to the Northeast. In the this animation, the orange areas are areas where ice accumulation is possible:
Ice is a lot bigger problem than snow. Ice is a lot denser than snow, and tends to stick to and accumulate on things like tree branches and power lines (not to mention making roads just about impassible). The extra weight means branches and even whole trees breaking, and power lines coming down. So expect scattered outages across a wide swath of the US this New Years. The DHS/FEMA site has some advice on how to prepare for winter storms. So as you celebrate the new year, be careful!